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Cemtrex Secures Additional $1.1 Million Vicon Industries Order from Border Protection Customer in Texas
Hauppauge, NY, May 04, 2023 (GLOBE NEWSWIRE) -- Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today
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[{"type":"text","content":"Hauppauge, NY, May 04, 2023 (GLOBE NEWSWIRE) -- Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, today announced it has received a $1.1 million order through Vicon Industries from a current large border protection customer in Texas to develop its security technology system with new solutions, expanding on the customer’s $1.5 million order in January 2023. With Vicon’s software solution currently deployed at the site, the new order builds on the customer’s state-of-the-art video surveillance security capabilities with the addition of additional award-winning Roughneck cameras and servers. The order is expected to be fulfilled by the second quarter of the calendar year. Details of the customer were not provided due to confidentiality agreements in place. According to Persistence Market Research, the global border security system market size is set to reach $43.6 billion in 2023 and will grow at 5.8% CAGR to reach $76.9 billion by 2033. “Increasing modernization of the current security infrastructure is accelerating the growth of the border security market,” said Saagar Govil, Chairman and CEO of Cemtrex. “With the rise of geopolitical instabilities and an increase in threat assessments, countries around the world are employing advanced security systems on their borders. Ground systems including video management systems and surveillance cameras are a critical component to safeguard these highly dynamic environments. Other border concerns include a 207% rise in Fentanyl seizures since 2020 and an increase in southwest land border encounters from 500,000 in 2020 to 2.4 million in 2022, according to the U.S. Customs and Border Protection agency, is adding to calls for increased protections.” “Developments in advanced electronic devices such as computer vision, sensors, artificial intelligence, and machine learning are playing a critical role in powering these modern systems and providing additional savings by reducing manpower needs. We believe our Roughneck cameras and Valerus video management software solutions are an ideal solution for border protection customers seeking advanced surveillance solutions, and due to increasing demand, will provide long term growth for Vicon,” concluded Govil. About CemtrexCemtrex Inc. (CETX) is a company that owns two operating subsidiaries: Vicon I...